One of the things that most people have a hard time accepting is that it may take them a lifetime to accomplish certain dreams in their lives. One of the things that people often find hard to achieve is buying their own home, often being relegated towards renting or leasing to own. We have seen such dreams vanish and much of them can be seen in the growing number of foreclosures plaguing us lately. People just cannot figure out how to manage mortgages and such has resulted in losing their homes and of course their initial payments on dream homes turned into financial burdens.
Why take out a loan? Some people are taking it slow considering that loans will always be there for them to turn to. It does sound tempting but the fact remains you have to pay for it sooner or later. Once that happens, you never know how much you can spare from your daily cost of living. Some would declare that they would make sacrifices, but sadly, it does not happen.
From the looks of it, the philosophy of simply knowing your limit as far as money to spare has been overlooked these days. People are counting their finances but obviously, there is a significant number of factors when it comes to expenses that are not considered.
That is one waterloo that people fail to comply with. For some, as long as they can survive with their current income, then they can settle loans based on amortization schedules given. Taking it a bit deeper, proper deliberation and putting everything in would be better to address the ideal figures that a person can really loan.
Originally posted on October 31, 2008 @ 3:24 pm